Bill Barrett in $371M asset sale

|About: Bill Barrett Corporation (BBG)|By:, SA News Editor

Bill Barrett (BBG) agrees to sell its West Tavaputs natural gas property in Utah's Uinta Basin in a $371M deal.

BBG says it is pleased with the value received (5.6x cash flow) and now expects to exit 2013 with a production split ~40% oil.

BBG expects to record ~$200M in non-cash impairment charges in Q3 associated with the sale.